2016-03-01_19-50-23eurgbp

Hello everyone,

Quite a similar setup as shown on the eurusd 4 hour chart.

On this eurgbp 4 hour chart we are at a zone for profit taking.

This is a strong area of previous support and I do expect that this level will attract some buyers.

On the number three on the chart I changed my view from bullish to bearish when the lower high was provided.

Therefore now I am only interested in going short and want to to so after a bullish retracement to get more pips from my analysis.

If price moves towards number five then I want to short with an overbought stochastic indicator.

To make good use from our indicators you preferably want to trade whenever possible in direction of the 5/8 moving averages, in direction of stochastik and in direction of price action.

I wish you the BEST OF PIPS

2 thoughts on “EURGBP Currency Pair”

  1. Miles Nummularius says:

    Thank you for the analysis Nuno.
    At 0.7859 there is also the weekly pivot. It seems that would be about your number five.
    I agree with you as number five being a good place to short, but considering the 21/55 MAs, if price goes up to number five, then it would have invalidated the 21 and the 55 would be in control at that point. Don’t you think that a double bottom at Weekly Monthly M1 0.7743 would be then probable?

  2. Ryan Gandalf van Jaarsveld says:

    So the 21 and 55 are about to cross with MACD crossing zero – I like it when these two EMA’s cross – it usually means we are at the start of a trend. I think it would make sense for price to continue going down while it rides the 5 until it finds support, retrace to 21, bounce, ride the 5, repeat… The last time we had this was in October just when everyone was getting excited about the ECB. Of course if Super Mario disappoints on the 11 March and we fail to see good polls coming out of London regarding Brexit then market sentiment changes and this pair goes up. Though that’s ok – happy for the pair to have a 21 55 bullish cross and ride the 5 going long…

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